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Mar 31, 2024
First Mid Q1 2024 Earnings Report
Announced first quarter 2024 results, showing revenue diversification and a new record high in noninterest income.
Key Takeaways
First Mid Bancshares reported a decrease in net interest income compared to the previous quarter but an increase compared to the first quarter of the previous year, driven by the addition of Blackhawk. Noninterest income reached a record high, driven by insurance revenues. The company's capital levels remained strong.
Net interest income decreased by 3.5% compared to the fourth quarter of 2023, but increased 28.4% compared to Q1 2023.
Total loans ended the quarter at $5.50 billion, a decrease of $81.3 million from the prior quarter.
Total deposits ended the quarter at $6.24 billion, an increase of $119.3 million from the prior quarter.
Noninterest income for the first quarter of 2024 was a record high of $24.5 million.